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  • Bitcoin Cash breaks below critical support, with price dropping over 12% on Friday.
  • BCH/USD is only some 18% from erasing all of the April 200% bull run.

 

The Bitcoin Cash price was hammered by sellers on Friday, tanking as much as 12%, as FUD spread across the crypto market. Panic was ignited, after reports suggesting that Indian banks will be looking at completely blocking any crypto related business dealings.

Looking at Bitcoin Cash since the strong bull run seen for the month of April, where the price rallied some 200%, from around $600 up to highs of $1800 territory. Once May came around, the sellers started pilling in and have been pressuring Bitcoin Cash lower since. BCH/USD is only around 18% from completely wiping those bull run gains.

The next area of support for BCH/USD is seen back at $600, where the price started that large advance from the start of April. If this demand zone fails to withstand the sellers, it could open the door to some further strong pressure from the market bears.

 

BCH/USD daily chart